Greek banks pass on paper, prepare cap hike measures

Three Greek banks announced plans to raise or release capital in some form ahead of the release of stress results on Friday which showed two of the country’s six biggest groups failing the test in its harshest form, though passing after inclusion of recent capital raising measures.

15 Jul 2011

The moves follow publication earlier this week of an International Monetary Fund update on the country which laid out strict rules for potential government-led recapitalisation that incentivises private sector solutions, including foreign mergers.

Piraeus Bank said it is in talks with Standard Chartered about selling its Egyptian subsidiary.
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